ILLINOIS EXTENDS MLO LICENSES FOR INDIVIDUALS WHO RENEWED BY 12/31/2012

The Illinois Department of Financial and Professional Regulation, Division of Banking has issued a memo indicating that all Mortgage Loan Originators who complied with the education requirement and submitted a timely request for renewal (on or prior to 12/31/2012) will be allowed to continue to do business until their renewal application has been reviewed and the renewal approved (no later than January 31, 2013). Additionally, all Illinois Residential Mortgage Licensees (companies) who are in the same situation will be allowed to continue to conduct business until their license application has been reviewed. Note that NO FURTHER EXTENSIONS will be granted; if your application is reviewed and a deficiency is placed on the application that must be corrected, you will need to stop originating until the deficiency is cleared and the renewal approved.

If you have not yet renewed your ILLINOIS MLO license and you want to continue to retain it, you must submit a renewal request through NMLS no later than 2/28/2013 and you will not be able to conduct business until the application has been approved. In addition to the $150 renewal fee and $30 NMLS processing fee, you will also be assessed an additional $75 late fee, for a total of $255. Reminder that you MUST take 8 hours of continuing education in order to renew. If you did not comply with that requirement in 2012, you need to take an NMLS-approved LATE CE course. Real Estate Institute offers such a course. Please call us at 800-995-1700 for details and to enroll.

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A considerable amount of care has been taken to provide accurate and timely information
in these updates. However, any ideas, suggestions, opinions or general knowledge presented
in this text are those of the authors and other contributors and are subject to local, state
and federal laws and regulations, court cases and any revision of the same. The reader is
encouraged to consult legal counsel concerning any points of law.

The updates should not be used as an alternative to competent legal counsel.